Kuveyt Türk Shed Light on Children's Perception of Money and Savings

Regional Economy 26.04.2021, 11:58
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Kuveyt Türk Shed Light on Children's Perception of Money and Savings

With the "Research on Perception of Money and Savings" conducted by Kuveyt Türk in cooperation with Xsights, an international market research and consultancy company, interesting results were obtained on the perceptions of money and banking concepts, spending habits, and saving perceptions of children between the ages of 6-15 living in Turkey.

More than half of the children do not save their pocket money

When children are asked the multiple-choice question "What is saving?", 67% of them answer that "it is a restriction of spending". While 49% of them tell that "it is to turn off unused electricity or water", 47% of them answer that "it is to save money".

While 42% of the children prefer to save their pocket money, 56% of them state that they do not save their pocket money. The rate of the 11 to 15 age group not saving money is 66%, while the rate is 48% in the 6 to 10 age group.

Almost all of the children prefer money banks

98% of the children who participated in the study tell that they keep their savings in their money banks, and 2% of them tell that they keep them in their rooms. 81% of the children also tell that when they save money, they cannot wait to spend it. Among the answers given to the multi-choice question "What do you feel when you save money?" that was directed for children's emotional state in their motivation to save money, 72% of them have stated that they were happy when they saved money, while 50% have stated that they felt self-confident.

According to the children, a bank means money

When the question "Do you know what a bank is?" was asked to the children, 47% of them have answered as "money". 20% have answered as "place with money", 12% as "earning money", and 11% as "a place where money is hidden".

67% of the children state that the banks are for giving and receiving money, 18% of them stated that they are for savings, and 14% stated that they are for earning money. 99% of the children who participated in the study do not have a bank account. 87% of the children think that they can open a bank account when they start making money, 85% when they grow up, 25% when they get permission from their parents, and 14% when they go to university.

91% of the children want to have a bank card

When the bank card is mentioned, 44% of the children think of shopping, and for %41 it means having money in it, for 6% withdrawing the money in it, and for 4% making payments. While 91% of the children who participated in the study want to have a bank card, the rate of 11 to 15 aged children who want to have a bank card is up to 98%. In the 6 to 10 age group, this rate is around 84%.

"We want to raise Digital Explorers who attach importance to science"

Commenting on the research, Mehmet Oral, Executive Vice President in charge of Retail Banking at Kuveyt Türk, told, "With the Digital Explorer product group consisting of Digital Explorer Participation Account, Digital Explorer Card, and Digital Explorer Mobile Application that we have specially designed for children, we aim for our children to gain experience in financial transactions, and improve their financial literacy level."

In order to achieve this goal, Oral stated that they are not only limiting their studies to the products, but also aim to raise awareness of the public on the issue by measuring children's perception of savings and money, and said, "We hope that the results of the research will shed light on our country and our industry in their studies on this subject. We consider raising children who attach importance to science and technology, who wonder, question, and who will shape the future as an important issue that should be adopted by the whole society. As Kuveyt Türk, we will continue to work at full speed to achieve this goal."

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